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Martinsburg Chapter 13 lawyer
When your finances are at stake and the situation keeps you in trouble due to the collection agencies calling you to pay the bills or prod you for heaped debts, you are in for filing bankruptcy. Filing bankruptcy is not as straightforward as it looks; as a matter of fact, it is rather complicated. So, the smallest mistake you make may turn the situation against you and you may be denied the right of filing. You may need to wait longer to file the bankruptcy again. At Mountaineer Criminal Law Group, you may consult a West Virginia bankruptcy lawyer to file and get rid of the stress of paperwork.
Let our attorneys be your guiding star when it comes to the evaluation of finances and allow them to understand your situation before offering the means test. The means test is a mandatory step to follow before bankruptcy filing and helps you understand which chapter you need to file.
Chapter 7 bankruptcy results in the liquidation of your assets and expunges the debts and Chapter 13 bankruptcy includes restructuring of the debt payment plan. If by the end of the means test, it implies that you are eligible to repay the debts; Chapter 13 is the bankruptcy type you need to file.
You may also become eligible for filing Chapter 7 and Chapter 13 bankruptcy but the latter should serve your interest better, that way, you can retain your assets and repay the debts.
Here are the primary features of Chapter 13 bankruptcy:
- When you file for Chapter 13 bankruptcy, you can retain all the nonexempt properties
- You may create a different plan to deal with the repayment of the mortgages and loans
- If there is co-debtor in your case, they would be left undisturbed whereas in Chapter 7 bankruptcy they will run after the co-debtor as well
- A specific set of loans may not be discharged with Chapter 7 bankruptcy filing like student loans, which you can restructure and pay back for more time
- The restructuring of debt is left to the debtor in Chapter 13 bankruptcy and allows you to deal with the creditors conveniently.
If you are already in a mess with your finances and are yet to figure out the best way to deal with the repayment plans and debts, visit Mountaineer Criminal Law Group to get meaningful insights when it comes to filing for bankruptcy.
Chapter 13 filing for individuals
You need to have a consistent income when filing for Chapter 13 bankruptcy and most of the time; it is proof of your employment. However, you can file this bankruptcy even if you do not have a permanent job but you must show proof of the money you get from a rental property, compensation for unemployment, and social security. The repayment plan can last for three to five years. During bankruptcy, the debts to prioritize are salaries of employees, child support, and taxes. The disposable income needs to go for the payment of unsecured debts.
Chapter 13 filing for businesses
For business owners, bankruptcy cannot be filed on behalf of your company. But sole proprietors caught up with massive debts may file as individuals. Once the case is filed, you can move on to a payment plan for the secured and priority debts.
Three tips from experts to assist you:
- Keep all the documents ready when filing for bankruptcy
- Stay honest about the information you share with the lawyer
- Get proper guidance from a WV bankruptcy lawyer
For more details on filing this bankruptcy, call Sean Logue for a free consultation and the lawyers at Mountaineer Criminal Law Group. You can also get assistance from a Martinsburg criminal lawyer if you want. Call (304) 381-3656 or contact us online.
Additionally, if you are a victim of DUI charges and need acquittal from the case, consult with our Martinsburg DUI lawyer for help.
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